Kabel Deutschland board formally recommends Vodafone offer

Fri Aug 2, 2013 4:27am EDT
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FRANKFURT (Reuters) - The supervisory and management boards of Kabel Deutschland have formally recommended a 7.7 billion euro ($10.2 billion) bid from Vodafone, they said in a statement on Friday.

"The management and supervisory boards believe the value of 87 euros per share is fair from a financial viewpoint," they said.

Vodafone in June agreed to buy Germany's largest cable operator to help defend against mounting competition in its most important market.

(Reporting by Victoria Bryan)

A man passes the company logo of German cable television group Kabel Deutschland in Unterfoehring north of Munich June 24, 2013. REUTERS/Michaela Rehle